Chinese iron ore imports go bananas

David Llewellyn-Smith

Thursday 15 January 2026

Wow. For a market that is falling apart, there are some amazing things happening to hold the iron ore price aloft.

Chinese December trade data yesterday smashed record import volume at an astounding 119.65mt.

Steel exports were at a record, too, as some mills frontloaded ahead of the new export licensing system.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.